Boosted by the U.S. Senate's approval of the rescue package for the U.S. financial sector, Hong Kong stocks rebounded from early losses to close 1.08 percent higher on Thursday.
Rebounding from losses in early trade, when it fell to an intraday low of 17,631.70 points, The blue-chip Hang Seng Index moved up 194.90 points to close at 18,211.11 points.
Turnover totaled 69.66 billion HK dollars, down from 71.81 billion HK dollars Tuesday. Hong Kong markets were closed Wednesday for a public holiday.
Analysts said they believe the passage of the revised 700 billion U.S. dollars Wall Street rescue package will lend support to the local index's rally in the near term, nudging it towards its 20-day moving average of around 19,300 points.
Ping An Insurance, China's second-largest life insurer by premiums, surged 13.8 percent to 50.00 HK dollars after scrapping a planned 2.15 billion euro purchase of a 50 percent stake in Fortis' asset management arm.
It said not all conditions agreed upon in the deal can be satisfied under current market conditions. However, the insurer said it will maintain its 5 percent stake in Fortis despite its decision to drop the asset-management investment.
Ping An's larger peer China Life was 3.3 percent higher at 29. 50 HK dollars.
Hang Seng Bank remains worst-performing blue chip, down 8.9 percent at 131.50 after earlier dipping to 130.00 HK dollars, which marks 52-week low.
The stock beaten down on news it holds senior debt issued by Washington Mutual Bank, unit of collapsed Washington Mutual. The bank didn't mention the size of the exposure, the percentage in relation to its total assets or whether it plans to make provisions for the investment.
Sun Hung Kai Properties dropped 2.2 percent to 76.65 HK dollars, and Henderson Land shed 1.5 percent to 33.50 percent.
Source:Xinhua
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